6 Compromises to Make for Student Renters

So, you’ve become a property manager, and you need to find residents. Your first instinct is to target college students. You know that to pique their interest, your property must fit their needs. You’ll have to fine-tune your lease terms to attract them, but how? If you’d like to rent your property to college students, consider making these six compromises.

1. Include a subletting clause in the lease

Remember that your student renters are only in school for nine months out of the year. On top of that, they may intern in another town for a semester or study abroad. So, it’s likely that they won’t live in the apartment for some duration of the lease.

Your property will be more attractive to students if you allow subletting. They’ll be able to go home for the summer or seek jobs in other places without paying full price for an empty apartment.

If you’re feeling uneasy about bringing subtenants into the lease agreement, involve yourself in the process as much as possible. Work with your student renter to interview some reliable candidates. You also have the right to tell your student renter that they will be held responsible if the subtenant causes any property damage.

2. Allow pets

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Whether they’re furry, scaly, or feathery, pets can improve a college student’s living situation greatly. During the most stressful times, animals are excellent sources of therapy for students. They can also cure homesickness and loneliness. Plus, owning pets helps students practice responsibility!

If your student renter lived on-campus before, they probably had to go a year or two without their hometown four-legged friend by their side. They’ll be happy to find a landlord that will consider their pet as a roommate during school.

After spending so much on tuition and books every year, college students want to save as much money as possible on housing. You’ll attract more student renters to your property if you cover the cost of amenities like Wi-Fi and cable.

Even if you don’t want to cover the cost entirely, you might consider paying at least a portion of it yourself. This way, it’s still a discount for your renters.

It’s also a good idea to invest in some appliances for your student renters. It doesn’t have to be all appliances — just the big essentials. Provide a washing machine, dryer, and dishwasher. Most college students will not be able to afford these items on their own, so if you don’t have them, they probably won’t consider renting your property.

4. Rent to multiple tenants

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College students are most likely going to search for an apartment with a group of friends. The reason for this is simple: more people means less rent per person. Your property might only be a two-bedroom apartment, but are you sure you can’t fit more than two people?

If you can double the number of beds in each room, you’ll attract twice as many student renter groups. Of course, make sure that the apartment is big and safe enough for a group before you add more furniture.

5. Keep up with the safety of the living space

You’ll put parents at ease with this one. Before you bring in student renters, make sure that your property has ample security features. Additionally, try to gauge the safety of the neighborhood. Your student renters might be out late, so ask yourself if they would be comfortable on their way home at night.

The most common safety features to include are an alarm system, fire extinguisher, deadbolt locks, and external security cameras. You should also be sure to test your fire alarms and carbon monoxide detectors.

It’s important to stay on top of any repairs in the apartment. It’s likely that your student renter will be living on their own for the first time and won’t know how to fix a broken stove. If you can, help them out as soon as possible to avoid any future accidents or further damages.

6. Use social media to advertise

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When your property is ready for college life, social media will help you rake in the tenant applications. A simple Facebook post will go a very long way — especially if you get your friends to share it.

Include lots of pictures and boast about your property’s highlights. Even when you find tenants, don’t stop there! Keep the public updated on some interesting events in the neighborhood. Reach out to current tenants for testimonials. This way, you can hold the interest of students that would like to rent your property in the future.

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By Elise Nelson

Uloop Writer

Albright College

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Elise is a senior at Albright College in Reading, Pa, studying journalism. She hopes to pursue a career in feature writing and editing for a magazine. Much of Elise's time is dedicated to being Editor-in-Chief of Albright's student newspaper, The Albrightian. She is also a member of Sigma Tau Delta English Honors Society, and co-hosts a radio show on WXAC 91.3 FM.